Allstate Corp Buys Shares of 8,303 The Cigna Group (NYSE:CI)

Allstate Corp bought a new position in The Cigna Group (NYSE:CI) in the 4th quarter, HoldingsChannel reports. The fund bought 8,303 shares of the health services provider’s stock, valued at approximately $2,293,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. TCTC Holdings LLC acquired a new position in The Cigna Group in the 4th quarter valued at approximately $25,000. Collier Financial purchased a new position in shares of The Cigna Group during the 4th quarter valued at $32,000. ORG Wealth Partners LLC acquired a new position in shares of The Cigna Group in the fourth quarter worth $34,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of The Cigna Group during the fourth quarter worth $37,000. Finally, Heck Capital Advisors LLC acquired a new stake in The Cigna Group during the fourth quarter valued at $53,000. Hedge funds and other institutional investors own 86.99% of the company’s stock.

The Cigna Group Stock Performance

NYSE:CI opened at $324.97 on Friday. The firm’s 50-day moving average is $304.67 and its 200-day moving average is $313.78. The company has a market cap of $88.94 billion, a price-to-earnings ratio of 26.55, a PEG ratio of 0.98 and a beta of 0.53. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.72 and a current ratio of 0.66. The Cigna Group has a 52-week low of $262.03 and a 52-week high of $370.83.

The Cigna Group (NYSE:CI) last posted its quarterly earnings results on Thursday, January 30th. The health services provider reported $6.64 earnings per share for the quarter, missing analysts’ consensus estimates of $7.84 by ($1.20). The Cigna Group had a return on equity of 18.61% and a net margin of 1.39%. During the same quarter last year, the company posted $6.79 EPS. Equities research analysts anticipate that The Cigna Group will post 29.77 earnings per share for the current year.

The Cigna Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Wednesday, March 5th were given a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend was Wednesday, March 5th. This is a positive change from The Cigna Group’s previous quarterly dividend of $1.40. The Cigna Group’s dividend payout ratio is 49.35%.

Insider Buying and Selling at The Cigna Group

In related news, CEO David Cordani sold 26,527 shares of The Cigna Group stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $308.12, for a total transaction of $8,173,499.24. Following the completion of the transaction, the chief executive officer now directly owns 127,767 shares of the company’s stock, valued at $39,367,568.04. This trade represents a 17.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Noelle K. Eder sold 9,944 shares of the company’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $320.00, for a total transaction of $3,182,080.00. Following the sale, the insider now directly owns 13,406 shares in the company, valued at $4,289,920. This represents a 42.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,751 shares of company stock valued at $13,603,991. 0.70% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CI shares. Royal Bank of Canada set a $355.00 price target on The Cigna Group in a research note on Friday, January 31st. Morgan Stanley reduced their target price on shares of The Cigna Group from $403.00 to $379.00 and set an “overweight” rating for the company in a research note on Friday, January 31st. Cantor Fitzgerald increased their price target on shares of The Cigna Group from $350.00 to $365.00 and gave the stock an “overweight” rating in a research note on Thursday, March 20th. Wells Fargo & Company reduced their price objective on shares of The Cigna Group from $370.00 to $341.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Finally, Raymond James reissued a “strong-buy” rating and set a $360.00 target price (down from $415.00) on shares of The Cigna Group in a research report on Friday, January 31st. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $373.25.

About The Cigna Group

The Cigna Group, together with its subsidiaries, provides insurance and related products and services in the United States. Its Evernorth Health Services segment provides a range of coordinated and point solution health services, including pharmacy benefits, home delivery pharmacy, specialty pharmacy, distribution, and care delivery and management solutions to health plans, employers, government organizations, and health care providers.